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12.04.2019 Business & Finance

Fixed Exchange Rate For Importers Begins

Staff Writer
Business Emmanuel Kofi Nti – GRA Boss
APR 12, 2019 BUSINESS & FINANCE

A fixed forex rate regime for importers in Ghana has commenced. The Ghana Revenue Authority (GRA) made the announcement on Wednesday, April 10, 2019.

It says it has started the implementation of the fixed rate regime at Ghana’s ports.

The exchange rate has been pegged at Ghc 5.08 at the port for the purposes of trading for the next three months.

The Commissioner General of GRA, Emmanuel Kofi Nti, made this known in an interaction with Spare Part Dealers during a tour at Abossey Okai in Accra, on Wednesday.

According to him, “We got the directive on a fixed exchange rate for your trading purposes at least for the next three months.

I can assure you that the rate has been pegged at GH¢5.08 for the next quarter until another review is done. The Vice President has directed and we have complied.”

Assurance

Spare Parts Dealers have assured that patrons of their products would soon see a reduction in their prices due to the newly introduced fixed exchange rate policy.

Co-chair of the Spare Parts Dealers Association, Clement Boateng observed that “when duties are high at the ports as a result of the high dollar rate, we have no option than to transfer the cost to the customers so now that the rate has come down, we will also comply.”

---Daily Guide

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